At least that’s the argument of Michael Hartnett, the chief investment strategist for Bank of America Merrill Lynch.

In a note to clients on Thursday on what he called “the $1 trillion flow that conquers all,” Hartnett observed that the amount of financial assets added to central banks’ balance sheets was the “one flow that matters” in the market.

Put another way, the $1 trillion in bonds and stocks bought this year by central banks like the ECB, the BOJ, and the Swiss National Bank puts purchases on pace for $3.6 trillion in buying this year, the most dating back to the start of the global financial crisis in 2007.

Hartnett argues this big increase in central-bank balance sheets has held down bond yields and supported stock prices. So, even with rising geopolitical uncertainty that one would think might put a dent in markets, there has been relative stability in Hartnett’s eyes.